SponsorHub CEO Robert Johnston tells us the event sponsorship market in North America is a $30 billion industry annually.

"We're providing a lot of transparency with a real-time platform for brands to find what events they want to sponsor," Johnson tells us. "Right now they have to spend weeks, or months, trying to find which events are coming up and spend time learning whether or not they're relevant. It costs money and time to do this and we're making this process more efficient."

The event hosts themselves don't give up control of the sponsorship process though. SponsorHub gives them the option to provide a minimum bid amount or a price point to buy directly -- much like eBay. Once the deal is set, SponsorHub takes a transaction fee.

The funding was raised earlier in the year but wasn't announced until now because SponsorHub wanted to focus on perfecting the business.